2020 Q2: Phew…!
Our last quarterly letter started with: “This will certainly be a quarter to remember.” Well, once again…”This will certainly be a quarter to remember!” This time, it’s good news…U.S. stocks just closed out their best quarter since 1998. After having been down as much as 34% for the year in March, the S&P 500 index now stands at about breakeven for the year. U.S., international, emerging market, global real estate stocks and bonds were all up in the second quarter. That’s one heck of a roller coaster ride. And it’s also a welcome relief and reward for disciplined investors....
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